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Clovis, CA Foreclosures: Buyer Tips!
October 6th, 2009
Clovis, CA Foreclosures: Buyer Tips!
Not all Clovis Foreclosures are Good Deals
Clovis foreclosures (also known as Clovis REOs) account for nearly 1 out of every 2 homes sold in Clovis these days. However, Clovis buyers seeking a foreclosed Clovis home for sale should understand that not every foreclosure is a good deal. Here’s why.
Clovis Foreclosures
Anytime you buy a Clovis foreclosure, you need to have the property thoroughly inspected. Most Clovis foreclosures need more than just new carpet and some paint, they may need major repair. Unfortunately, much of the damage is hidden. While it doesn’t take an expert to see that a toilet has been ripped out, it does require someone with expert knowledge to know that while tearing it out the previous owner damaged the attached pipe or filled the water line with cement (yes, it happens). Bottom line: Hire a good Clovis home inspector to make sure your “bargain” doesn’t turn out to be a money pit.
Cheap Clovis Foreclosures?
While most Clovis foreclosures are priced below the median Clovis home price, that doesn’t necessarily mean it’s a good deal. A Clovis REO that needs $15,000 in work and is priced $25,000 below other Clovis homes looks like a good deal on the surface. But remember, you’ll need the $15,000 up-front to do the repairs (lenders won’t allow you to roll the $15,000 in repairs into your mortgage). That’s money which could have went to furniture and other features. Add that $15,000 on top of your down payment … and closing costs … and you’ll need a hefty stash of cash just to buy most any Clovis foreclosure for sale.
Clovis Realtors
Many of the Clovis home buyers we work start off hoping to buy a cheap Clovis foreclosure but once they learn how much repair and cash is needed, they shift to Clovis homes priced below market value (but aren’t foreclosures) or perhaps Clovis foreclosures that don’t need a great deal of work. Either way, you’ll need a Clovis Realtor who specializes in Clovis real estate to determine which Clovis homes are: AVERAGE, GOOD, GREAT, or POOR deals. At Clovis Real Estate we’re a leading Clovis Realty because we’re Clovis Experts — we focus on Clovis homes for sale.
Ready to Search for a Clovis Foreclosure?
You can search all Clovis Foreclosures here (then click on the Clovis Foreclosure tab on the left). When you find a Clovis foreclosure you’d like to see, just let us know. We’ll quickly take you to see it (remember, most Clovis foreclosures sell within a few days!) and then give you our honest assessment of its value. If it’s the Clovis house you’ve been looking for, we’ll show you how to get the best possible deal. Or if it’s not the Clovis home for you, we’ll recommend other Clovis houses for sale that are great values or have better features.
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[...] foreclosures are high on everyone’s list these days, but unfortunately, unless you have a stack of cash to pay for repairs, closing costs, and a down [...]